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Equity-Method Eligible Investments
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity-Method Eligible Investments Equity-Method Eligible Investments
 
White Mountains’s equity method eligible investments include White Mountains’s investment in MediaAlpha, certain other unconsolidated entities, including Kudu’s Participation Contracts, private equity funds and hedge funds in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies.
The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
MillionsOwnership InterestCarrying ValueOwnership InterestCarrying Value
Kudu Participation Contracts (1)
3.2 - 33.4%
$727.0 
3.2 - 32.0%
$669.5 
Investment in MediaAlpha27.6 %166.9 28.0 %261.6 
PassportCard/DavidShield53.8 %132.0 53.8 %120.0 
Elementum Holdings, L.P.29.7 %45.0 29.7 %45.0 
Other equity method eligible investments, at fair valueUnder 50.0%106.5 Under 50.0%109.3 
Other equity method eligible investments, at fair value50.0% and over27.7 50.0% and over17.8 
(1) Ownership interest generally references basic ownership interest with the exception of Kudu’s Participation Contracts, which are non-controlling equity interests in the form of revenue and earnings participation contracts.

For the three and six months ended June 30, 2022, White Mountains received dividend and income distributions from equity method eligible investments of $15.6 million and $28.7 million, which were recorded within net investment income in the consolidated statements of operations. For the three and six months ended June 30, 2021, White Mountains received dividend and income distributions from equity method eligible investments of $11.0 million, and $24.7 million, which were recorded within net investment income in the consolidated statements of operations.
Subsequent to the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock, and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet. See Note 2 — “Significant Transactions.” For the six months ended June 30, 2022 and 2021, MediaAlpha was considered a significant subsidiary.
The following tables present summarized financial information for MediaAlpha as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, 2022 and 2021:
MillionsJune 30, 2022December 31, 2021
Balance sheet data:
Total assets$285.9 $289.8 
Total liabilities$345.4 $351.4 
Three Months Ended June 30,Six Months Ended June 30,
Millions2022202120222021
Income statement data:
Total revenues$103.4 $157.4 $246.0 $330.9 
Total expenses$116.4 $157.8 $268.9 $331.1 
Net income (loss)$(13.0)$(.4)$(22.9)$(.2)